Teekay Co. (TK) Declares Quarterly Dividend of $0.06

Teekay Co. (NYSE:TK) announced a quarterly dividend on Thursday, January 4th, RTT News reports. Investors of record on Friday, February 2nd will be given a dividend of 0.055 per share by the shipping company on Wednesday, February 14th. This represents a $0.22 dividend on an annualized basis and a yield of 2.19%.

Teekay has decreased its dividend payment by an average of 44.2% annually over the last three years and has increased its dividend annually for the last 2 consecutive years. Teekay has a payout ratio of -19.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Teekay to earn $0.81 per share next year, which means the company should continue to be able to cover its $0.22 annual dividend with an expected future payout ratio of 27.2%.

Shares of Teekay (NYSE:TK) opened at $10.03 on Friday. The company has a market capitalization of $866.08, a P/E ratio of -6.08 and a beta of 1.67. Teekay has a 12-month low of $5.14 and a 12-month high of $11.77. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.28.

Teekay (NYSE:TK) last released its quarterly earnings results on Thursday, November 9th. The shipping company reported ($0.41) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.44) by $0.03. The business had revenue of $500.80 million for the quarter, compared to analyst estimates of $475.32 million. Teekay had a negative return on equity of 3.48% and a negative net margin of 6.66%. Teekay’s revenue for the quarter was down 8.5% on a year-over-year basis. During the same period in the prior year, the company earned ($0.23) EPS. analysts anticipate that Teekay will post -1.16 earnings per share for the current year.

A number of equities research analysts recently commented on TK shares. Zacks Investment Research upgraded Teekay from a “hold” rating to a “buy” rating and set a $10.00 price target on the stock in a research report on Wednesday, October 4th. Jefferies Group restated a “hold” rating and set a $8.00 price target on shares of Teekay in a research report on Thursday, October 12th. Finally, ValuEngine lowered Teekay from a “sell” rating to a “strong sell” rating in a research report on Friday, December 1st. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $7.00.

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About Teekay

Teekay Corporation (Teekay) is a provider of crude oil and gas marine transportation services. The Company also offers offshore oil production, storage and offloading services, primarily under long-term, fixed-rate contracts. The Company is engaged in the liquefied natural gas (LNG) and liquefied petroleum gas (LPG) shipping sectors, as well as in the operations in the offshore production, storage and transportation sector.

Dividend History for Teekay (NYSE:TK)

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